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LINK Gains 18% After A Huge Demand, Bulls Target $5

ChainLink (LINK) Price Analysis – July 2

The ChainLink market saw a significant price increase of 18.64% in the past few hours of trading with a market cap holding of $1.3 billion. The bulls have assumed control of the market, rising the price action to $4.2 (0.00039BTC) before dropping to the market to $3.7 – the current trading price.

LINK/USD Market

Key Levels:
Resistance levels: $4.5, $5
Support levels: $3, $2.5

After the June 14 spike to $2 which later led to a sudden price surge, raising the market to $4.5 before creating support at the $3. Following the bullish move, ChainLink is currently trading at around $3.7 as the market heads for a retest at $4.5 resistance before meeting a new high around $5. However, the market has found strong support on the 50 level of the 4-hours RSI.

LINKUSD, 4H Chart – July 2

In the same direction, LINK is still bullish on the 4-hours MACD with a low pressure which displayed a significant bearish histogram on the indicator after weeks of trading. But now, the histogram is slowly turning positive now. Nevertheless, a possible downward rally could roll back the market to $3 and $2.5 supports.

LINK/BTC Market

Against Bitcoin, LINK just retested price around the 0.0039BTC a few hours ago after a significant price increase. The token now trades at the 0.00036BTC level. The double-top formation is commonly followed by a decline which is likely at 0.0003BTC and 0.00025BTc supports. Meanwhile, the bulls have gained control of the market. The positive scenario is revealed on the MACD.

LINKBTC-4H-Chart-July-2

If the double-top pattern turns to a false signal, ChainLink price may continue to 0.0004BTC and 0.00045BTC resistance, respecting the ascending wedge pattern. On the 4-hours RSI, the token has slightly dropped from the overbought region. If the RSI continues to move downward, the market may fall to the lowest condition.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.